Bob Evans Farms, Inc. (NASDAQ: BOBE), the bountiful breakfast chain with 579 outlets in the east, as well as 115 Mimi's Cafés in the west, announced a first quarter 2008 net income of $13.3 million, or $0.38 per share, on sales of $424 million. These results represent a 5.5% increase over 2006. The strongest performer was its name-brand outlets, with traffic up 3.2%, while Mimi's Cafés dropped 0.7%.

A dividend of $0.14 per share will be paid out in this quarter. The company also repurchased over one million shares, and carries a board authorization for an additional two million in 2008.

In light of these results, the company reaffirmed its guidance for the 2008 fiscal year, projecting $4-5 million in asset sales which will pork up its projected earnings to $1.77-$1.84 EPS.

Looking at net income over the past three years, we see a steady but very modest growth of around 2% per year. The company also has a modest expansion program, planning to open only four new Bob Evans restaurants in 2008, after only ten in 2007, while adding 14-16 units to its Mimi's Café brand. The company's Bob Evans units don't serve alcohol, which constrains their profitability, while the Mimi's Cafés do, perhaps accounting for the uneven investment.

The other side of The Bob Evans Farms business, accounting for about 18% of revenue, is in food products. Bob Evans is best known for its sausage products, a product impacted by the sharp rise in corn prices.

Given the gradual but upward trend of the company's bottom line, and the company's cautious approach to growth, analysts give the stock a hold recommendation -- a stock unlikely to delight, or disappoint. In other words, a meat and potatoes stock to match their menu.